WillScot Holdings Corporation: Model Update

Research evidence excerpt

WillScot Holdings Corporation: Model Update

UpdateM

Risk Reward – WillScot Holdings Corporation (WSC.O)

KEY EARNINGS INPUTS CATALYST CALENDAR

Drivers 2025 2026e 2027e 2028e Date Event Source: Refinitiv, Morgan Stanley

WillScot Holdings Corp at Bank of America Industrials, Modular UoR Growth (%) (5.5) (1.8) 3.0 3.0 13 May 2026

Transportation & Airlines Key Leaders Conference

Modular Rental Rate Growth (%) 4.9 3.4 2.0 2.0 02 Jun 2026 WillScot Holdings Corp at Robert W Baird Global Consumer,

Technology & Services Conference

Storage UoR Growth (%) (15.6) (7.0) 2.0 2.0 05 Jun 2026 WillScot Holdings Corp Annual Shareholders Meeting

Storage Rental Rate Growth (%) 7.5 2.7 2.0 2.0 29 Jul 2026 - 03 Q2 2026 WillScot Holdings Corp Earnings Release

Aug 2026

Consolidated Adj. EBITDA Margin Nov 2026 - 42.6 40.8 40.7 41.1 04 Q3 2026 WillScot Holdings Corp Earnings Release (%) 09 Nov 2026

INVESTMENT DRIVERS RISKS TO PT/RATING MS ESTIMATES VS. CONSENSUS

Non-Resi Construction environment RISKS TO UPSIDE FY Dec 2026e

VAPS penetration VAPS uptake is faster than expected

Rental rates M&A and strong integration execution on Sales /

M&A opportunities and execution synergy targets drive incremental EBITDA Revenue 2,158 2,256

growth ($, mm) 2,182

GLOBAL REVENUE EXPOSURE Stronger non-resi environment drives higher

volume and rates

RISKS TO DOWNSIDE EBITDA 898 921 0-10% Latin America ($, mm)

Weaker US construction activity 905 90-100% North America

VAPS uptake slows more than expected,

capping further growth in spot rental rates

Industry discipline breaks down as volumes Net incomeSource: Morgan Stanley Research Estimate 178 232

contract, driving higher than expected pressure ($, mm)View explanation of regional hierarchies here on rates 192

MS ALPHA MODELS

OWNERSHIP POSITIONING EPS 1.21

0.90 1.29